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Income Taxes › Internal Revenue Service › Gross Receipts

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Eversheds Sutherland (US) LLP

Connecticut proposes digital advertising services tax and employee-elective wage compensation tax on employers

Eversheds Sutherland (US) LLP on

On April 14, 2021, the Connecticut General Assembly’s Joint Committee on Finance Revenue and Bonding introduced SB1106. The bill would establish the “Connecticut Equitable Investment Fund,” which would be funded by, among...more

Rosenberg Martin Greenberg LLP

Section 280E Remains a Problem for Maryland Cannabusinesses: How to Minimize Taxable Income through Proper Classification of...

Rosenberg Martin Greenberg LLP on

The Maryland Medical Cannabis Commission (“the MMCC”) recently reported to the Maryland legislature on “the deleterious effects of the federal tax code on medical cannabis businesses.” As stated in its report, I.R.C. § 280E...more

Eversheds Sutherland (US) LLP

New Law Doubles the Penalties for Failure to File Correct Tax Information Returns and Provide Payee Statements

Eversheds Sutherland (US) LLP on

On June 29, President Obama signed into law the Trade Preferences Extension Act of 2015. Quietly embedded in Section 806 of this new law is a provision that doubled the cap on penalties, from $1.5 million to $3 million, for...more

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